Notes to SEFA
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: BASIS OF PRESENTATION - All financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies or nonprofit organizations are included in the Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Concilio, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Concilio. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. During the year ended June 30, 2022, Concilio did not pass-through federal funding to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal, state, and city expenditures are reported on the statement of functional expenses as program expenses. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal, state, and city awards due to program expenditures exceeding grant or contract budget limitations which are not included as federal, state, and city awards.